Calculator shows how tax bill will affect you

(KFVS) - Congress is on the verge of passing a new tax bill, but what does that mean for you?

The $1.5 trillion tax bill passed the House on Tuesday but they will have to vote again after Democrats say three provisions in the bill violate Senate rules.

One of the items included a provision that would let families use tax-advantaged 529 accounts for home-schooling expenses.

The bill will be amended and the House will re-vote on Wednesday.

The Associated Press reports the tax legislation would provide steep cuts for businesses and the wealthy and more modest cuts for middle- and low-income families. The business cuts would take effect in January. Workers would start to see changes in the amount of taxes withheld from their paychecks in February.

According to CNN, this tax calculator provides a window into how the tax bill could affect your after-tax income if your main source of income is a paycheck.

In Missouri, the revenue director said the federal tax overhaul should have a minor effect on the state's bottom line. Joel Walters said it could result in "a relatively narrow plus or minus" of around $100 million to the state's tax revenues.

In Illinois, there will be no more unlimited deductions on state, local, and property taxes; deduction on your income tax will be capped at $10,000.

So, county workers in the Jackson County Treasury office are working overtime this holiday season for the taxpayers.

Lisa Jacquot is a county worker at Jackson County Treasury office. She had holiday plans, but work calls.

"It's the holidays, everybody has holiday plans, [but] everybody has agreed to work around what it takes to get done here," Jacquot says.

According to her boss, Sharon Harris Johnson, the Jackson County Treasurer,  the staff will take on extra duties than what they anticipated this holiday season.

Johnson explains, "It's for those people in Jackson county to be able to lighten their tax load a little bit next April or whenever they pay their income taxes"

With the potential new tax bill in place, Jackson County Treasurer's Office is working overtime to accommodate taxpayers with high property taxes to pay before the December 31st deadline.

"I think it is a sacrifice. They did not have to do this, we checked with our attorney from the state's attorney's office… I do not really want to put them through this, but they called me into a meeting this morning and said we think we need to do this," Johnson says.

The office is still collecting 2016 taxes, working on the 2017 property taxes and even preparing for a big tax sale in January.

"We want to do everything can to help them… This has become something that was sprung on us at the last minutes. So, we're just going to make the best of it and we will get it done." Jacquot says, determined, yet so self-less. "You do sacrifice some, but everybody has to sacrifice something at some time."

Since Illinoisans will not have that tax break over $10,000 on property taxes, the county workers are allowing people who live in Jackson County to pay their 2017 property taxes to receive the full deductions.

Please go in person to Jackson County Treasurer's Office and bring all your Parcel #s ready. For more questions call the office at 618.687.7350.

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